Jennison Associates LLC Reduces Holdings in Plains GP Holdings, L.P. (NYSE:PAGP)

Jennison Associates LLC reduced its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 33.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,310,525 shares of the pipeline company’s stock after selling 1,647,881 shares during the quarter. Jennison Associates LLC’s holdings in Plains GP were worth $52,803,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PAGP. Assenagon Asset Management S.A. increased its holdings in Plains GP by 88.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,772,217 shares of the pipeline company’s stock valued at $60,167,000 after acquiring an additional 1,774,438 shares in the last quarter. Blackstone Inc. lifted its position in Plains GP by 41.0% during the third quarter. Blackstone Inc. now owns 2,927,098 shares of the pipeline company’s stock valued at $47,185,000 after buying an additional 851,498 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its position in Plains GP by 12.4% during the third quarter. Kayne Anderson Capital Advisors LP now owns 4,871,231 shares of the pipeline company’s stock valued at $78,524,000 after buying an additional 539,000 shares in the last quarter. Chickasaw Capital Management LLC raised its stake in shares of Plains GP by 6.9% during the fourth quarter. Chickasaw Capital Management LLC now owns 6,632,388 shares of the pipeline company’s stock valued at $105,787,000 after purchasing an additional 429,179 shares during the period. Finally, Hennessy Advisors Inc. raised its stake in shares of Plains GP by 35.0% during the third quarter. Hennessy Advisors Inc. now owns 1,372,700 shares of the pipeline company’s stock valued at $22,128,000 after purchasing an additional 355,600 shares during the period. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Plains GP Stock Up 0.9 %

PAGP opened at $18.86 on Wednesday. Plains GP Holdings, L.P. has a 1-year low of $12.59 and a 1-year high of $19.77. The company has a current ratio of 0.98, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of 18.32 and a beta of 1.55. The business has a 50 day moving average of $17.87 and a 200-day moving average of $16.67.

Plains GP (NYSE:PAGP) last posted its quarterly earnings data on Friday, February 9th. The pipeline company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.06). The business had revenue of $12.70 billion during the quarter, compared to the consensus estimate of $12.88 billion. Plains GP had a net margin of 0.41% and a return on equity of 1.33%. As a group, sell-side analysts anticipate that Plains GP Holdings, L.P. will post 1.04 earnings per share for the current year.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a $0.3175 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.73%. Plains GP’s payout ratio is 124.51%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PAGP shares. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Monday, March 4th. The Goldman Sachs Group boosted their price target on shares of Plains GP from $14.50 to $16.00 and gave the company a “sell” rating in a report on Friday, April 12th. Stifel Nicolaus boosted their price target on shares of Plains GP from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Citigroup upped their price objective on shares of Plains GP from $16.50 to $17.50 and gave the stock a “neutral” rating in a report on Friday, March 1st. Finally, Scotiabank initiated coverage on shares of Plains GP in a report on Monday, April 8th. They issued a “sector outperform” rating and a $23.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $19.55.

Plains GP Company Profile

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.